There is a lot of confusion, myths and stigma surrounding bankruptcy. It is often difficult to know if filing for bankruptcy is going to help you or hurt you.
Will you lose your house?
Will you ever be able to restore your credit rating?
Will your pride and self esteem ever recover from this blow?
Bankruptcy isn’t the End of the World
Having a bankruptcy on your credit record doesn’t carry the stigma it once held. In fact, after the financial situation of the early 2000s, many people had to file for bankruptcy due to upside down mortgages, the loss of their job, or due to other effects of the depressed economy.
When done right, filing for bankruptcy can be the fresh start that you need to be able to handle the overwhelming debt you have and be able to rebuild your credit.
There are Different Types of Bankruptcies
Depending on your situation, there are different types of bankruptcies that can help you. Chapter 7 and Chapter 13 bankruptcies help with personal financial debt, where Chapter 11 bankruptcy involves business debt.
Determining which type of bankruptcy is best suited for your needs is one of the hardest decisions to make.
New York Bankruptcy Exemptions
One of the most common questions people have regarding filing for bankruptcy is what assets you are able to keep. Understanding New York State Bankruptcy Exemptions as well as federal exemptions will help you protect your home and other vital assets.
Bankruptcy and Repairing Your Credit
A common misconception many people have regarding bankruptcy is that once you have declared bankruptcy your credit is irrevocably damaged.
Actually the opposite is true. When handled properly, filing for bankruptcy can often be the first step to rebuilding your credit so that you can obtain new credit.
New York Bankruptcy Representation
If you are considering bankruptcy, you need to find legal representation that not only understands New York bankruptcy laws, but who also understands the emotional stress of filing for bankruptcy. The Law Offices of Barton P. Levine is there to support you emotionally as well as to determine if bankruptcy is the right choice for you.
Please feel free to read all of our bankruptcy resources here. If you have a specific question or are looking for New York bankruptcy representation, then Contact Us today to schedule a FREE consultation.